Points to think about when starting a business in Dubai
Successful industrialists constantly look ahead for new places to spread their business. Whereas the Middle East is recognized for oil-fuelled market for a long time, things are certainly transforming in this respect. Take note of Dubai, it has achieved the height of a multinational, multicultural and entrepreneur-friendly metropolis. A large number of entrepreneurs globally, are intensifying their businesses in Dubai to develop their businesses more.
Recent market drifts in Dubai provide abundance of opportunities for overseas financers to hit the import and export of commodities, and get benefits of the emerging visitor’s traffic of the city for infinite number of prospective clients available.
You should to get familiar with the different facts related with setting a business in Dubai and avoid the issues generally come across while establishing a commercial enterprise in United Arab Emirates. An entrepreneur should always recognize the rules and regulations of his business well. There are a few specifics that businessmen should know.
- Cost setups
For those planning to transfer their business to Dubai, expenses of setting up a business could be a frightening aspect. It’s important to have an idea of how much it might cost to establish a business in Dubai which could make things easy for businesses pursuing an existence in Dubai.
- Do Get a Local Sponsor
With regards to business registration and licensing, policy is a little different in Dubai. If you desire to establish a company in Dubai, you will get abundance of opportunities. But you need to in find a local sponsor. A local sponsor is a UAE national who would be 51% partner of the business and that will allow you to register your business like a Limited Liability Company (LLC). When you have a local sponsor, you will have sovereignty to launch your business wherever in UAE.
- Confirm your Visa eligibility and requirement
A visa allowing you and employees to reside in UAE is necessary to establish and operate your business in the country. Visas are permitted for almost all businesses but their number varies according to a range of criterion for example; the size of office, nature of business, the category of employee or investor.
- Select a place that optimizes suitability, expediency, and costs
One more step in planning a business set up in Dubai is to find the most appropriate place for the business. Setting up an enterprise in the city will not do well unless the growing economy of your customers can’t reach you. Therefore, you should set up your business in vicinity that is most lucrative and convenient to your business.
- Don’t leave things to verbal commitments
You might come across a local sponsor who is giving you verbal commitment. However it is advisable that do not pursue such a commitment. Sign a legal contract between your company and local sponsor. Several sponsors charge additional amount for extra services offered to your business. Ensure everything is officially acknowledged to stay away from any potential hassle.